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IPA Closes $62M Sale of NoHo Apartments for AvalonBay
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of AVA North Hollywood, a 156-unit multifamily property with 11,000 square feet of ground-floor retail at 5077 Lankershim Blvd. in the NoHo Arts District of Los Angeles. The $62.1-million sales price represents $393,077 per unit.
IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, AvalonBay Communities Inc., and procured the buyer, Prime Residential. “By highlighting the opportunity to invest in a market that is in the early stages of benefiting from increasing demand and strong rent growth, we attracted significant interest,” said Green. “After substantial development in the submarket pre-COVID that was met with positive absorption but muted rent growth, the area is starting to hit its stride.”
Grabiec added, “We garnered over 20 offers on the property during the marketing process. This strong interest reflects the confidence investors have in a market that is not only experiencing a robust recovery but also has a bright future.”
Built in 2015, AVA North Hollywood is within walking distance of entertainment, nightlife and dining along Lankershim Boulevard.
- ◦Sale/Acquisition
